by: the Common Constitutionalist
The website, Inside Business wrote: “A monopoly is bad for the economy and allows one business to set the prices for a certain product or service virtually eliminating free-trade. If one business is the only provider of a product or service, the consumer is forced to pay whatever price they demand. This can also lead to the company providing a low quality product or service without fear of losing business.”
In 1890 the Sherman Antitrust Act was even enacted to make monopolies illegal and for a time it was considered a felony.
The Internet is awash with lefty bloggers railing against corporate monopolies. One such blogger wrote, “One of the fundamentals of free-market capitalism is that the consumer benefit from competition is plentiful. If a business is selling a week or inferior product, consumers can turn to the competition for a better deal”.
He continued by describing that the patron Saint of big government, FDR, stressed antitrust as a “key element of the New Deal” and “that large companies should be forced into a competitive environment whether they like it or not”. read more